June 14, 2022
In the business world, it’s not what you know, but who you know. Building strong relationships with other businesses is essential for success in 2022. By networking with like-minded organizations, you can unite to make a positive impact on your community. Not only will this help promote your company and its products or services, but it will also help strengthen ties within the community.
In the latest episode of the Team Building Saves the World podcast, we spoke to Anna Frazzetto, a top 50 DEI influencer for the staffing industry. She had some great words to say on the topic of business relationships:
“I find my best business relationships have always been the ones that I’ve been able to get personally involved in the career of my client, my prospect, or an employee.”
So how do you get “personal” about building business relationships? In this post, we’ll provide tips and programs that can help get you started!
What is a Business Relationship and How You Can Benefit
A business relationship is a formal or informal arrangement between two or more parties to work together to achieve specific goals. This could be anything from partnering up to sell each other’s products or services, to collaborating on a new project.
Building strong business relationships can help you:
- Gain access to new markets and new customers
- Improve your brand image and reputation
- Save money on costs
- Tap into new ideas and innovations
- Build a stronger community
Building business relationships takes time, effort, and patience. However, the payoff can be huge for both parties involved.
How to Build Business Relationships
If you’re looking to build strong business relationships in 2022, here are a few tips to get you started:
- Get involved in your community: One of the best ways to build business relationships is by getting involved in your community and promoting social responsibility. Here are a few programs that we suggest; Tools for Schools, The Charity Bike Build, and the Do Good Bus. Activities like these create strong bonds and everyone wins. You will help raise awareness for your company and also show that you’re invested in making a difference.
- Join a business networking group: There are plenty of business networking groups out there, so find one that’s a good fit for your company. This is a great way to meet other business owners and professionals who are looking to build relationships.
- Attend trade shows and conferences: Trade shows and conferences are great places to network with other businesses. This is a great way to learn about new products, services, and trends in your industry.
Establishing Business Relationships in a Post-COVID World
Pre-COVID, you would be able to walk into any office and see what personal items someone had on their desk and strike up a conversation. Whether it was a photo or a trinket, you can find some common ground to break the ice.
According to Anna, today’s Zoom meetings make it much harder to take the topic “off work,” which she finds is really important to do when establishing a business relationship.
Her advice? To research the person online before meetings and even possibly reach out before or after the meeting to establish some common ground (and not sell them on anything).
What is the Difference Between a Business Relationship and Networking?
This is one of the major questions brought up in the podcast and Anna had something to say about this:
“I’ve met plenty of people in my career that felt that they had to accept every single LinkedIn invite. The factor was to get as many people as you possibly could in your network. Then, meanwhile, you don’t have a relationship with a majority of those people. So I had a rule of thumb when I started with LinkedIn that I would not accept invites unless I met them.”
Developing a big Rolodex or social media following is how people think of networking. The problem is you’ve likely never met these people and do not have an actual relationship with them.
The important point is to establish the relationship on a personal level.
Examples of Successful Business Relationships
There are a lot more examples of successful business relationships. Here are a few famous ones to get you inspired.
Google and Apple
Google and Apple are two of the most successful companies in the world. Both have been able to create a strong brand image and loyal customer base. However, what many people don’t know is that these two companies have a history of working together.
In the early days of Google, the company was looking for a way to expand its search engine into new markets. One of the first places they looked was Apple’s Safari browser. Google struck a deal with Apple and became the default search engine on Safari.
This relationship has been beneficial for both companies. Google has been able to grow its business, while Apple has been able to provide its customers with a better online experience.
T-Mobile and Sprint
T-Mobile and Sprint are two of the largest telecommunications companies in the United States. Both companies have been struggling to keep up with the competition from Verizon and AT&T.
To stay competitive, T-Mobile and Sprint decided to partner up. This partnership will allow them to combine their resources and networks to better compete against Verizon and AT&T.
This is a great example of two companies coming together to form a stronger partnership. By working together, T-Mobile and Sprint will be able to offer their customers better coverage and more competitive prices.
Ford and Volkswagen
Ford and Volkswagen have been working together for over a decade. In 2007, the two companies teamed up to develop a new car platform known as MQB. This platform is used by several different automakers, including Audi and Porsche.
More recently, the two companies have partnered up to develop electric vehicles. Volkswagen has been struggling to keep up with Tesla in the electric vehicle market, so they have turned to Ford for help.
This partnership is a great example of how two companies can come together to create something new. By working together, Ford and Volkswagen will be able to develop better electric vehicles and compete against Tesla.
Each company has something the other needs, whether it’s products, services, or ideas. And by working together, they’re able to provide a better experience for their customers.
Building strong business relationships is essential for success in 2022. By partnering with other companies, you can share resources, knowledge, and ideas to create a positive impact on the community and your customers.
Listen to the entire podcast on Business Relationships with Anna Frazzetto to get more amazing insights and great tips.
Consider taking a look at our charitable events to help you create strong social and business bonds.
What successful business relationships have you formed? Think about how it started and how you can repeat it.